Many online casinos that work with US players currently accept bitcoin deposits and many payout in bitcoin too, but there are still some casinos out there who haven’t adapted this technology yet. At first glance, bitcoin may seem confusing and unnecessary, however, upon further review it has many benefits for players and casinos–especially players who are in the United States.
First, let’s define what a bitcoin is. According to CNN Money, bitcoin is a digital currency that requires no middlemen, such as banks. Personally, I like to view bitcoin as virtual cash. If you’re careless with your bitcoin, you can lose it forever. Just like if you left you forget your wallet somewhere, it’s a safe bet that your cash is probably gone. While this may seem like a bad thing, the fact that there’s nobody in charge of bitcoin actually makes it really useful for gamblers. Let’s look at the benefits that bitcoin offers for online casino players.
Benefits of bitcoin for casino players
- Once you receive a bitcoin payment, it belongs to you completely. Compare this with receiving a check or bank wire from a casino. With a check, you have to deposit it and hope it clears. Bank wires are more stable, but you still have to worry about your bank questioning the source of the funds. Plus casinos usually only send bank wires if you’re cashing out large amounts.
- Bitcoin is pseudo-anonymous. While bitcoin isn’t actually completely 100 percent anonymous, it comes pretty close. This means that you don’t have to share your credit card or banking information online when making a deposit, reducing the risk of your information falling into the wrong hands. And if you play at a bitcoin-only casino, you often don’t have to give any personal information at all.
- This is a big benefit for US players–Bitcoin payments are usually processed much quicker than other methods. This is because the casino doesn’t have to jump through a bunch of hoops to find payment processors who are willing to send money to US players.
- Since it’s easier for casinos to send bitcoin payments, some casinos let you cash out larger amounts at once and without fees. For example, Bovada offers free bitcoin cashouts up to $9,500 at a time. Every bitcoin cashout is free, while Bovada only offers one free monthly check payout, then starts charging you a $50 fee.
- Bitcoin lets you make large deposits without issue. If you’re a high-roller than likes to bet big, you can use bitcoin to make 4-figure and 5-figure deposits with ease. There’s no scrutiny from your bank, and the deposit is usually completed in minutes.
I’m sure there are more benefits to using bitcoin how there. These were just the ones that I could think of off the top of my head. Do you know of another bitcoin benefit, or even a downside to using bitcoin? Leave a comment below and share your thoughts. 🙂